Stepping on to the property ladder has become increasingly out of reach for many people across England, particularly in and around London. However, the launch of the government’s Help to Buy scheme, has made it much easier.
How does it work?
The scheme involves an equity loan provided by the Government. In February 2016, to reflect the increase in property prices, this was increased from 20% to 40% for the Greater London area.
This 40% equity loan is added to a deposit of at least 5% from the buyer and the rest of the 55% covered by your mortgage.
Your 5% deposit in regards to Leon House starts at just £17,350 for our 1 bedroom apartments and £22,998 for the 2 bedroom apartments.
You will not be charged interest on the 40% loan for the first 5 years of owning your home. There will be a management fee of £1 a month applicable from the date of purchase. From year 6, the payable fee of 1.75% on the equity loan starts, this will rise annually by RPI (Retail Price Index) inflation plus 1%.
Who is eligible?
All of this means that it’s that much easier to live in London.
Your Leon House apartment in Croydon is well connected in to London and with major regeneration happening across the city, Croydon is an ideal place for your city lifestyle.